Bulgaria Golden visa and Citizenship

By investing in a Bulgarian Fund, be it an Alternative Investment Fund (AIF), an Exchange-Traded Fund (ETF), or a designated priority project, you become eligible to apply for the Bulgarian Golden Visa. This opportunity presents a viable pathway for investors to engage with the Bulgarian market and simultaneously gain eligibility for this valuable visa program.

The process for obtaining a Bulgaria Golden Visa

The process for obtaining a Bulgaria Golden Visa through Advocate Markov involves several well-defined steps, ensuring a smooth and efficient experience. Below is a detailed overview:

1-Talk to Advocate Markov's Team

Begin by discussing your individual situation with our expert team. We will evaluate your personal circumstances and guide you in selecting the most appropriate investment option, as well as explain the general conditions of the program.

2-Due Diligence

You are required to undergo a due diligence process with the Bulgarian Investment Agency primarily focused on verifying your investment funds and their origins. Please ensure your financial documentation is in order for this step.

3-Complete Investment

Once you have successfully passed the due diligence, the next step is to make your investment. Our team will provide advice on the various investment options available, including their expected returns and associated risks.

4-Submit D Visa application

Apply for the D visa at the embassy or general consulate in your home country. The processing time for D visas typically spans a few months from the date of application.

5-Apply for Residence Permit

This application must be made in person at the local Migration Office. The processing time for permanent residency applications also takes a few months.

6-Family Reunification

You can initiate the family reunification process immediately after your permanent residency application is approved. Your family members will need to follow the same procedure as outlined in steps 4 and 5.

Each of these stages is integral to the successful acquisition of a Bulgaria Golden Visa, and our team at Advocate Markov is committed to providing comprehensive support throughout the entire process.

Advocate Markov was featured by the Investment Migration Council for his insights on the Bulgaria Golden Visa program.

Why the Bulgaria Golden Visa is Preferred Over the Portugal Golden Visa

The Bulgaria Golden Visa offers significant advantages over the Portugal Golden Visa, making it the preferred choice for investors.

Bulgaria grants indefinite permanent residency status with a residency card valid for 5 years. Even if the card expires, you maintain your permanent residency status without needing to physically visit Bulgaria. This makes the process simpler and more stable for investors, as there are no required visits, frequent renewals, or compliance checks once permanent residency is granted.

In contrast, the Portugal Golden Visa program requires multiple renewals of the residency cards. The first residency card is valid for 2 years, during which you must spend 14 days in Portugal. You need to renew your residence permit three times within a 5-year period, each time requiring the resubmission of up-to-date documentation (e.g., criminal records), biometrics, and paying the necessary application processing fee. This frequent renewal process carries the risk of denials. If any legal issues arise, such as a conviction during the 2-year period, you may be unable to renew your Golden Visa.

You can read the article comparing Portugal and Bulgaria Golden Visa.

Who Is Eligible for a Golden Visa in Bulgaria?

Any non-EU/EEA/Swiss national can apply for the Bulgaria Golden Visa.

Bulgaria Golden Visa for Russian Citizens

Bulgaria Golden Visa for Chinese Citizens

Bulgaria Golden Visa for Taiwanese Citizens

Bulgaria Golden Visa for Indian Citizens

Russian Applicants

Russian citizens are eligible to apply for the Bulgaria Golden Visa program as long as they are not identified on the European Union’s sanctions list. Russian Golden Visa applicants typically prefer to invest in qualifying Alternative Investment Funds or Hedge Funds. The first Russian citizens were successfully processed in the spring of 2024.

British Applicants

In 2021, UK passports lost their freedom of movement in the Schengen Area. Consequently, British investors have had to plan for the mobility repercussions of Brexit. UK citizens target Bulgaria for three main reasons: travel rights across Europe, a desirable lifestyle, and ultimately European citizenship by investment.

Why Choose Advocate Markov’s Team for Your Bulgarian Golden Visa

Proven Track Record: Advocate Markov has successfully guided numerous applicants through the Bulgarian citizenship by investment program since 2013, particularly via fast-track investment in Bulgarian government bonds.
Qualified Legal Expertise: Unlike consultants or legal service marketers, Advocate Markov is a fully licensed lawyer. All services are personally handled by Advocate Markov and his team, ensuring professional handling of every case.
Recognized Excellence: Advocate Markov’s expertise is endorsed by prestigious legal directories like Legal 500, Global Law Experts, and Investment Migration Council. He is recognized as a distinguished legal professional, guaranteeing quality and reliability in services.
Higher Success Rate: Our success rate surpasses that of international agents, who often face translation challenges before seeking our assistance.
Lower Fees: Compared to international agents in Hong Kong, London, Dubai, etc., our fees are significantly lower, ranging from 5 to 20 times less, offering cost-effective solutions without compromising quality.

Benefits of the Bulgaria Golden Visa Program

Visa-free travel to over 140 countries

High-Return Investment Opportunities

The Bulgaria Golden Visa is a Schengen visa

Your entire family can join you

You are eligible to become a tax resident of Bulgaria

Permanent residency status is indefinite

Minimal Investment Period of 5 years

Minimum Stay Requirements of a single day annually

Due Diligence

The new Bulgaria Golden Visa program, unlike the previously cancelled Bulgarian citizenship by investment program, mandates a due diligence procedure before any investment is made. Applicants are advised not to initiate their investment until they receive approval from the Investment Agency. Any investments made prior to this approval are at the risk of being invalidated, requiring a redo of the investment at the applicant’s expense.

For the pre-approval procedure with the Investment Agency, applicants are required to submit the following documents and information:

Copy of ID document
Evidence of sufficient funds meeting or exceeding the minimum investment threshold
Declaration of Anti-Money Laundering Compliance
Declaration Regarding Politically Exposed Person Status
Detailed information pertaining to employment, professional, and investment activities
Criminal record certificate issued from the home country and country of permanent residence

What Are the Government Fees and Legal Costs Related to Bulgarian Golden Visa Program?

In addition to the minimum investment you make and the necessary fees related to the Fund Investment, you will be faced with legal fees and government application fees. Below, you may find a detailed list of all the associated costs.

Legal Fees

The legal fees depend on the law firm you choose to work with. The Bulgarian Golden Visa investment is quite significant, so it’s best to assign an experienced law firm to handle your due diligence, as well as the application and renewal process. The legal fees can add up to a considerable amount, but it’s wise to avoid taking risks with inexperienced firms.

When contacting a law firm for assistance, we recommend asking for a package price to avoid hidden costs later. Using the services of Advocate Markov’s team, you can expect fees to range from €5,000 to €20,000 for a family of four over a five-year period. The advantage is that you won’t have to pay this upfront, as installments are based on the tasks completed within the five years.

The fees cover due diligence with the investment agency, assistance with making the Fund investment, and governmental and legal costs to obtain permanent residency.

Costs Related to Investment

Depending on your preferred type of investment, the associated costs differ. Below, you can find a table that covers the costs associated with the most popular investment types; real estate acquisition, and Fund Investment:

	Real Estate Property	Investment Fund
Minimum Investment	€312,000/ €250,000	€ 512,000
TAXES
Transfer Tax	up to 3%	0%
Notary Cost	up to € 840	0%
Exit Fees	0%	0%
Performance fee	0%	25% of the profit
Residency processing fee	€ 2,500	€ 5,000
Due diligence	€ 0	€ 0
Management fee	None	1% of the value of investment

The fees are approximate. For the latest rates, please get in touch with us.

Tax Considerations for Bulgarian Golden Visa Holders

Obtaining a Bulgarian Golden Visa does not automatically turn you into a Bulgarian tax resident. While tax residency and legal residency are separate legal concepts, being a Golden Visa holder means that you are recognized as a legal resident, not necessarily a tax resident.

As a legal resident under the Golden Visa program, you will be liable for taxes on any income generated from your investments in Bulgaria, provided these investments are not traded on a regulated financial market.

Should you choose to establish tax residency in Bulgaria, our team will assist.

Is there a minimum required stay in Bulgaria to maintain the Golden Visa?

In contrast to Portugal, which mandates residency card renewal every two years and a minimum seven-day annual stay, Bulgaria’s Golden Visa requirements do not necessitate physical visits to the country for the investor and their family.

Converting a Bulgaria Golden Visa into Bulgarian Citizenship by Investment

With the cancellation of the bond program in 2021, the direct route to Bulgarian citizenship through investment was removed. This change eliminated certain privileges, such as the exemption from the language requirement (which was extended to even applicants by origin in 2024) and the need for employment in Bulgaria.

However, by investing in a designated Bulgarian AIF or Bulgarian ETF and maintaining permanent residency for five years, you can still pursue Bulgarian citizenship through naturalization. This pathway requires passing a Bulgarian language exam administered by the Ministry of Education and demonstrating employment in Bulgaria.

Our team is well-equipped to assist you in obtaining an exemption from the language exam and preparing you for the citizenship interview. We are committed to guiding you through each step of this process, ensuring a smoother transition to Bulgarian citizenship.

Do I need to renounce my current citizenship when applying for Bulgarian citizenship?

The process requires that you sign a declaration of your intention to renounce your current citizenship when you are granted Bulgarian citizenship. However, you are not required to provide official documentation of renunciation, making this requirement less stringent and more flexible.

Invest in Stocks or Bonds of a Company Listed on the Stock Exchange

For those not attracted to invest in Bulgarian Funds for the Golden Visa, another option is to invest 1,024,000 EUR in stocks or bonds of a company listed on the Bulgarian Stock Exchange. This is distinct from purchasing bank bonds, with institutions like BACB, TBI, and Allianz offering bonds starting at 5% interest. Alternatively, investing in bank stocks could be advantageous, especially considering the potential increase in value due to expected mergers in the Bulgarian banking sector. However, it’s worth noting that bank bonds are generally viewed as a more conservative investment choice.

Capital Increase in a Bulgarian Company

Another pathway is to increase the capital of a Bulgarian company by 3,072,000 EUR. Importantly, this route allows you to invest in your own Bulgarian company, thus maintaining control over your investment.

Priority Investment Projects

Our expertise lies in assisting you with the conception and development of priority investment projects from scratch. Whether you are a private investor, a consulting firm, or another type of organization looking to launch a distinctive investment project, or an Investment Fund, our team is here to guide you from the initial stages. We possess the proficiency in securing approval for Priority Investment Projects and are adept at establishing AIFs or ETFs.

Classification of your Project

In Bulgaria, classifying your investment project can significantly impact its development and the benefits it receives. Projects are typically categorized into Class A, B, or C, or as a priority investment project. Each classification comes with its own set of advantages and criteria, and understanding these can be crucial for the success of your project.

We can assist in getting your project classified and advertised to potential investors.

Securing Government Support

Once your project is classified, we can help you obtain various forms of government support. This may include assistance in acquiring land for your project or securing deductions in taxes and social contributions. This will significantly enhance the feasibility and success potential of your venture.